The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) created institutional facilities for the settlement of disputes between host States and foreign investors, including through binding international arbitration. It ‘provides for a comprehensive, self-sufficient system of truly international arbitration in the area of investment disputes’. 1 The Convention establishes a mechanism for the resolution of disputes between foreign investors and host States through ‘international methods of settlement...

1 In 1994 the government of the Argentine Province of Tucumán decided to privatize the water and sewage services in the Province of Tucumán through a public tender. The concession was awarded to a consortium led by the Compagnie Générale des Eaux (General Company of Water) (‘CGE’), a French company with significant experience in water concessions ( Corporations in International Law ). The consortium formed a local company, Compañía de Aguas del Aconquija (Water Company of Aconquija) (‘CAA’). In May 1995, CAA entered into a 30-year concession agreement with the...